Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales.

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Academic Journal

By: Howell, Sabrina T; Niessner, Marina; Yermack, David. Review of Financial Studies. Sep$2020,$ Vol. $33$ Issue $9,$ p$3925-3974.50$p$.$ DOI: $10\mathrm{.}1093/$rfs$/$hhz$131.$

Initial coin offerings $($ICOs$)$ have emerged as a new mechanism for entrepreneurial finance, with parallels to initial public offerings, venture capital, and presale crowdfunding. In a sample of mo$...$

Subjects: Cryptocurrencies; Business finance; Going public $($Securities$)$; Venture capital; Crowd funding; Blockchains; All other non$-$depository credit intermediation; Instrumental variables $($Statistics$)$; Social media